Plum TV files for Chapter 11 bankruptcy
The Aspen Times
Vail, CO Colorado
VAIL – Plum TV Inc., which operates Channel 16 in Vail, filed Chapter 11 bankruptcy Tuesday.
Plum representatives would not comment on what the bankruptcy filing means for Plum TV or the expected summer launch of an Aspen Plum magazine, other than to say things will remain status quo through the court proceedings.
Chapter 11 filings are designed to allow the debtor to continue operating while it reorganizes its financial matters.
“We want to reassure our audiences and advertisers that Plum TV remains in business and will continue to provide our daily programming throughout this process,” Plum TV founder and chairman Tom Scott said in prepared statement. “Plum and its respective channels continue to enjoy strong brand identification in desirable markets.”
Plum currently operates in eight resort markets – Aspen, Vail, Telluride, Sun Valley, Miami Beach, Martha’s Vineyard, Nantucket and the Hamptons. Its stations have an emphasis on tourism and leisure programming.
According to the filing with the U.S. Bankruptcy Court’s Southern District of New York, Plum TV Inc. has estimated assets of between $1 million and $10 million, with estimated liabilities of between $10 million and $50 million. Bloomberg reported Wednesday that the Bronx, N.Y.-based company had assets of $8.6 million, with liabilities totaling $19 million; revenue for 2011 was estimated at $6.4 million, resulting in an $8.4 million net loss.
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